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R
RB01
Level 2
January 9, 2020
Question

Standard Deduction on 401(k) early withdrawal

  • January 9, 2020
  • 2 replies
  • 0 views

Will standard deduction (12,200 $ Single for 2019) apply to a 401(k) withdrawal? For example, if I withdraw 50,000$, will my taxable income be 37,800$ (50000-12200 = 37800$), and thus put me in the 12% tax bracket (again Single) instead of 22% (the withdrawal amount of 50000$ falls in the 22% bracket). Thanks!

    2 replies

    DoninGA
    Level 15
    DoninGALevel 15
    Level 15
    January 9, 2020

    The Standard Deduction is based on your Filing Status only.

     

    Standard deductions for 2019

    • Single - $12,200 add $1,650 if age 65 or older
    • Married Filing Separately - $12,200 add $1,300 if age 65 or older
    • Married Filing Jointly - $24,400 add $1,300 for each spouse age 65 or older
    • Head of Household - $18,350 add $1,650 if age 65 or older
    Critter
    Critter
    Level 15
    January 9, 2020

    The tax rate is based on your TAXABLE income not the gross ... so your assumption is correct. 

    R
    RB01Author
    Level 2
    January 10, 2020

    Thank you Critter and DoninGA for your responses.

    Hal_Al
    Level 15
    Hal_AlLevel 15
    Level 15
    January 10, 2020

    The standard deduction applies to all (total) income, not just wages.  

     

    Your calculations, putting you in the 12% bracket, assume you have no other income, except the $50K 401k withdrawal.

     

     

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